the way I see this is as follows: 1. major holders of PXUPA...

the way I see this is as follows:

1. major holders of PXUPA (coastal / Berger / Blue Pac etc) would not be "satisfied" with $14.63 (as per todays close) ........
2. this begs the question "why would they accept"
3. the only way value gets recognised is a take-over AFTER the capital structure is resolved ......
4. the current Board will walk (as per announc) .......new chaps would be "approved" by said major holders ......
5. lets "presume" the value of Spicers is in the range 85 - 125m ...........so any preff holders that covert - would get "paid out" in any takeover offer ......


this the only mechanism that I can see that rewards preff holders, and ordinary equity holders ........

the thing to watch will be "whom gets appointed" to the board post exchange ........

just my opinion .......

rgds
Value_Hunter